Trade secretary Liam Fox has revealed an ambitious new plan to make Britain a "21st century exporting superpower".

He believes that with better use of the UK's overseas network, new online tools and by building an extensive business to business network, exports can grow significantly.

Last year £620bn of goods and services exported by British companies accounted for 30 per cent of GDP.

However, the Department for International Trade (DIT) estimates that 400,000 businesses believe they could export but don’t, while demand for British expertise and goods overseas is growing.

Dr Fox, joined by Baroness Fairhead, Minister of State for Trade and Export Promotion, set out the government’s long-term ambition to go further and increase total exports as a proportion of GDP to 35 per cent.

The move has been backed by the Confederation of British Industry, the British Chambers of Commerce and Institute of Directors.

The Export Strategy outlines how the government will produce smarter and more tailored support to UK companies. It includes:

Encouraging more businesses to export with peer-to-peer learning.

Better information, advice and practical assistance on exporting including improvements to the UK export website great.gov.uk, financial incentives and signposting.

Connect businesses to overseas buyers, markets and each other including an online tool enabling businesses to submit non-tariff barriers they face.

Export financial and insurance support worth £50bn from UKEF

Liam Fox prepares to deliver a speech on the future of exports from the UK after Brexit (Image: Getty Images Europe)

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In a speech to a business audience in London, International Trade Secretary, Dr Liam Fox MP said: “The United Kingdom is a great exporting nation and our exporters lead the way, in creating jobs, raising wages and growing our economy.

"UK businesses are superbly placed to capitalise on the rapid changes in the global economic environment and I believe the UK has the potential to be a 21st century exporting superpower.

"As an international economic department, we are determined to support, connect and grow UK companies on the world stage through our international network.

“As we leave the EU, we must set our sights high and that is just what this Export Strategy will help us achieve.”

(Image: Getty Images Europe)

Baroness Fairhead, Minister of State for Trade and Export Promotion at the DIT, said: “Since its creation two years ago, DIT has already helped thousands of UK companies to export – with exports now at a record high.

“As the world’s sixth largest exporter, we do punch above our weight, however, we also punch below our potential. This Export Strategy sets out to change that and to increase exports as a proportion of GDP from 30 per cent to 35 per cent, taking us from the middle of the G7 to near the top. This is ambitious, but achievable.

“This strategy builds on the UK Industrial Strategy and our existing export support services – our network of trade advisers and promoters across the UK and in 108 countries worldwide, UKEF’s £50 billion capacity to support exports in 60 currencies, and our great.gov.uk service. To achieve our aim, Government must join up across departments to enable UK companies to succeed overseas.

“This strategy is a first step – a foundation – for a new national drive to export.”

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Carolyn Fairbairn, CBI director-general, said expanding trade is fundamental to creating new jobs, raising productivity and increasing prosperity across the country.

"This strategy is a timely signal that the Government is committed to improving the United Kingdom’s international competitiveness," she said. “The CBI strongly supports the ambition to make exports 35 per cent of GDP, which will put the UK out in front of many of our international competitors. We estimate that in every region of the country there are around 10 per cent of businesses that could export, but don’t, and we look forward to working alongside the Government to support and inspire them to seize the opportunity.

“The CBI has consistently called for a long-term approach to exports. Previous strategies have come and gone, but businesses have been let down by their execution. Firms will work with the strong team in place at the Department for International Trade to ensure these plans are now rigorously carried out.”

Dr Adam Marshall, director general of the British Chambers of Commerce (BCC), said "dialing up the intensity of UK trade" will be the cornerstone of economic success.

“Working together, business and government have a real opportunity to turbo-charge UK exports, and help more of our firms increase sales and profits in markets all across the world," he said. "Our biggest competitors invest heavily in promoting their countries’ products and services, and the UK must match or exceed them.

“We welcome the Government’s pledge in the new Export Strategy to work hand-in-hand with business to unlock opportunities for UK firms all across the globe. A clear, long-term commitment to support British firms on the ground - both here at home and overseas - is needed to provide a springboard for many companies to take risks and go for growth.”

Albert Dock, Kingston upon Hull

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Stephen Martin, director general of the Institute of Directors, said: “Maximising trade opportunities across the globe will be key to the UK’s future economic success, so we welcome this new export strategy, which provides a solid foundation upon which to build. The Government deserves credit for investing time and effort in working with business to draw up this strategy, and we are delighted that a number of the IoD’s recommendations have been incorporated.

“Improving the UK’s export performance will depend upon many variables, but the good news is that there is plenty that can be done now to help businesses, irrespective of Brexit. We will be encouraging our members to engage with government to make sure this strategy really takes off and enables British firms to realise their full trading potential.